The Algerian Oil Minister, Shakeeb Khalil, was cited by Al-Hayat newspaper, stating that the per barrel oil price is not likely to remain around or above $30 during the upcoming period because of the excessive oil supply in the future.

The minister added that his country supplied additional oil quantities in November, which will arrive to the market within a month.

The minister also said that all OPEC member countries believe that the per barrel oil price will fall below $30. A $22-$28 price would be reasonable for both consumers and producers. –(Albawaba-MEBG)